How to start a new shoe business in India?
Shoes are now widespread and are no longer used only for functional purposes. Shoes are now used as an accessory for both men and women. From weddings to sporting events to job interviews, there are countless occasions when shoes are suitable. As long as there is a footwear market, starting a footwear business makes sense.
Whether you are offering fashion or evening shoes, decide if your target market is men or women. If you want to sell dress shoes, choose your specialty. In this article, I will show you how to start a shoe business in India and what factors you need to consider before you start.
Things to Consider Before Opening a Shoe Store Whether you are online or offline in the shoe industry:
Using the Internet to Do Business: Starting an Internet business can save you on rent, electricity, and construction costs. / maintenance cost. To start an internet business, all you need is a website. Your website should be easy to use and well thought out. Successful online shoe businesses need effective social media marketing.
Offline activity: A shoe company sells products in its stores. As a result, the first thing you need is a storefront to market and sell your merchandise. This store should be between 150 and 200 square feet. Decide what to achieve with the message.
Defining your target market allows you to focus your efforts and resources. You can’t be popular with everyone, so pitch your product or service to people you think you can benefit from. Then, as the owner of the business, you have to choose who will buy the product. Whether the shoe is aimed at children, adults, middle-aged or senior citizens, you can also sub-group your audience based on factors like gender, wealth, or desired settings. Keep your ideas short and sane rather than going around in circles.
Funding options include business loans, government grants, help from friends and family, and your funds. Decide where to start funding sources based on your financial situation.
Learn more about the competitors: Driving
Do market research and analyze your competitors’ business models to test your assumptions. Since the footwear industry is not new, there will be many domestic and international competitors. As a result, it is essential to decide who to compete with. Local traders will be a direct competitor if they produce shoes that the general public, i.e. people with low incomes, can also afford.
Building a brand and selling products to high income segments of society requires competing with multiple global and local companies.
The next step is to visit a competitor’s store and study their customers. Because customers are the people you want to convey in your message. List your store’s assets and liabilities and look for growth prospects and risks. Do a SWOT analysis of your business. Consider both the strengths and potential gaps in your organization when performing a SWOT analysis.
Location is the last item to consider after researching and working on the items listed previously. Location-based choices can increase or decrease your business’s chances of success, so think carefully. We recommend that you locate your business near a supermarket or other popular location. You can also set up your business near a computer park or a busy workspace where people can easily see it.
The next step is to develop a business plan and register your shoe business after receiving the necessary money. Let’s see how to write a retail business in India.
Buy Act license:
This license allows you to sell your products, a mandatory legal condition for starting a business. Gumasta License or Gumasta is another name for this license in India. In accordance with the store laws of the state in which the company will be established, the process of registering this license is completed by completing the Shopact form and providing the appropriate documentation.
The intention of your state’s municipal corporation.
Proof of identity such as a passport or driver’s license and proof of residence such as a utility bill and rental agreement is required.
- Company power of attorney.
- A is the number of the form.
- Tax identification number (TIN)
All businesses, whether they are wholesalers or retailers, need a GST number. A store license is required to obtain a GST number. Contact a CPA who can help you obtain a GST number or visit www.gst.gov.in. To start the registration process, select “New Registration” from the menu bar. The form will open. Please complete the form with the requested information. Don’t forget to add the name of the state in the location field.
A one-time password (OTP) is sent to your mobile phone or email for authentication. Once the procedure is complete, we will create a Temporary Reference Number (TRN) (don’t forget to copy the TRN to your clipboard). We also need to write a newly generated RNN. Click the button and reenter your one-time password to continue.
Finally, the dashboard is displayed. The dashboard displays information about your app, including submission and expiration dates. Fill out the application form, verify your signature and fill in the relevant information, and we can send it to you.
The business has a checking account to cover business expenses. A verification report has the same function as a savings account. In other words, it encourages people to save and invest. If you want to use it for trading, you can open it in any bank. Unlike a savings account, a checking account doesn’t earn interest, which is an important difference to keep in mind.
A minimum balance is required to maintain a checking account (eg the minimum SBI requirement is 10,000 INR). Unlike savings accounts, which have a daily transaction limit, a checking account allows you to make unlimited daily deposits by check or online payment, regardless of your account amount. Online banking is also available, and overdraft with predetermined limits is also available.
Once the legal process is complete and the business is ready to go, the next big step is marketing! Since footwear is not specific to a particular industry, it has to face strong competition in this area. As a result, shoe marketing is essential to the success of a business.
Digital marketing is your best bet. Advertise your business by posting product images on social media platforms like Instagram, Facebook, and Pinterest. Develop Instagram notoriety for your shoe business, hire a few micro-influencers to help you with your branding, voila! Compared to more traditional forms of marketing, this type of advertising is less expensive.
Before starting a business, you need a well-planned strategy for developing services and products according to your target market and choosing the right source of funding. Starting a business is not difficult, but it does take a lot of work to develop and strengthen your reputation. The competition is fierce and only those with a good strategy and a solid plan can be successful.
Article reviewed and edited by Shreedatri Banerjee